Dental coaching can be costly. However, it is 2018, and it is time to invest in your practice. Here are some free tips on what you should invest in for 2018. First of all, someone wise once told all of us that “a dollar saved is a dollar earned”. However, in today’s competitive dental market, collection dollars are more useful entrusted in your practice. As the modern saying goes, “a dollar invested is a dollar and a half earned”. As you know, not every investment comes with a 50% return, but below are the top 5 ways to invest in 2018 in your dental practice to earn a positive return.
1. Defining a Competitive Advantage
Sure, your practice offers general dentistry, cosmetic dentistry, and emergency dentistry. You already know that your industry is in a perfectly competitive market, meaning products in this market are homogenous. Contrary to what most say, this does not have to be the fate of YOUR office. Ask yourself, “is there an area of dentistry that I am particularly good at or have above average education in compared to the dentists in my area?” For example, you may be excellent at Orthodontics for people above 25 or you have a passion to treat patients with special needs. By specializing in one portion of the market you are not actively excluding other parts of the market but rather targeting the patients you can help the most. This allows your office to invest in success. It also offers a more equitable and efficient dental industry because if each office serves a group in a specific way, then patients can receive the care they deserve and dentists can improve collections, which therefore increase their resources to enhance treatment and make you a likable dentist.
2. Building-up Hard Working Staff Members
Many staff members in your office may have been a part of your team for years or maybe even decades, but remember innovation should always be top of mind. Invest in your team’s personal strengths to grow your practice and develop your coworker skills. Because you are a dentist, you hone your industry skills by attending continuing education courses and trainings. Invest for success in your team’s assets by scheduling dental coaching training sessions for them. This will help build their skills and will improve your bottom line.
3. Aggressively Executing a Social Media Marketing Strategy
A few posts are better than none and consistent posts are better than some, but to get the most out of social media, you need to be strategic. Write an objective. Create strategies. Execute, execute, execute. If your office exceeds in an area, for example, cosmetic dentistry, then your objective may be to “increase brand awareness of your office’s orthodontic services in your community.” Next, your strategy may include spreading the message through social media on Twitter, Facebook, and Instagram by regular posts, engaging with your following, and growing your presence. Finally, implement your plan. Even though this sounds like the easiest step, it can be challenging because consistency is difficult to maintain. If you have any questions through this process, contact our dental coaching department! We love to help dental practices grow.
4. Involving Your Practice in the Community
Never take your community for granted. You may be the closest office in the area, but if community members are unfamiliar with your practice or unsatisfied with your office, then potential patients may travel to likable dentists in nearby cities. Be a key member of your community such as donating to a meaningful nonprofit or supporting local events. This initiative not only shows your office’s investment in the community, it also increases brand awareness for your office.
5. Reinvesting in Business Education
Business is an ever-changing industry that can offer quality returns if it’s power is harnessed efficiently. One of the biggest dental coaching tips we stress is to reinvest in business education. Busines education can mean anything from being up-to-date on industry trends to collaborating with industry experts such as Lucent Spot Marketing. The key accomplishing your goals here is to create an achievable, effective plan. Begin with reading a few articles a day to taking business-related courses such as Lucent Spot’s Dental Coaching cources, Premier Phone Training. Using these tools will help your office invest for success in 2018!
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What types of activities does your office do to reinvest in your practice?